ATB Capital
ATB Capital Markets, operating since 2026 as ATB Cormark Capital Markets, is the investment banking and institutional equities arm of Alberta's government-owned ATB Financial, best known for research on Canadian energy producers, energy services and infrastructure companies.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 012M
- Actions
- 012M
- On record
- Jul 2021 – Dec 2024
Overview
ATB's research has centred on energy production, services and infrastructure, alongside transportation, engineering and construction, and growth and innovation; the combined firm lists energy, technology, mining and life sciences among its key sectors. Its 13th annual institutional investor conference, held in Toronto in January 2025, drew more than 100 institutional investors and 53 management teams. Chief executive Darren Eurich said in 2024 that ATB had stood by oil and gas as eastern banks reduced their support.
ATB Financial, an Alberta Crown corporation founded in 1938, became AltaCorp Capital's largest shareholder in January 2018. George Gosbee and his partners had founded the Calgary investment dealer in 2010. In July 2020, ATB combined AltaCorp with its own capital markets services to launch ATB Capital Markets. After acquiring Toronto-based Cormark Securities in December 2025, it merged the two businesses in February 2026 under the ATB Cormark Capital Markets name.
Milestones
- 2010
AltaCorp Capital founded in Calgary by George Gosbee
- 2018
ATB Financial became AltaCorp Capital's largest shareholder
- 2020
ATB Capital Markets launched from AltaCorp and ATB services
- 2025
Acquired Toronto-based investment bank Cormark Securities
- 2026
Began operating as ATB Cormark Capital Markets
Firm facts
- Legal name
- ATB Capital Markets Corp.
- Type
- Full-service
- Founded
- 2020
- Headquarters
- Calgary, Canada
- Parent
- ATB Financial
- CEO, ATB Cormark Capital Markets
- Darren Eurich
- Rating scale
- Top PickOutperformSpeculative BuySector PerformUnderperform12 months
- Website
- atbcm.atb.com
Research philosophy
Our institutional equity research team provides clients with a holistic view of the sectors driving our economy and the tools to seize investment opportunities.
ATB says its analysts pair industry expertise with an understanding of market dynamics to produce thorough, objective analysis, and its research disclaimer says researchers work independently of other departments. As of 2026 it runs a semi-annual survey of Canadian energy producers, services firms and institutional investors.
Rating methodology
Ratings reflect expected 12-month performance relative to peers: Top Pick, Outperform, Speculative Buy, Sector Perform and Underperform.
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 NOV Inc.NOV | Sector Perform | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Dec 10, 2024 | NOV Inc.NOV | Downgrade | Outperform →Sector Perform |
| Sep 4, 2024 | PTPatterson-UTI Energy, Inc.PTEN | Reiterate | Outperform |
| Jul 21, 2021 | SNSNDL Inc.SNDL | Upgrade | Underperform →Sector Perform |